Puerto Rico and the Caribbean
Wednesday, August 3-9, 2022 - // no. 171
www.theweeklyjournal.com
Popular, Inc. reports profits for Q2 P7 Some hope for PR’s coffee industry P8 Inflation expected to keep on climbing P9
Remote Work is perceived as beneficial for employers and employees
Flexibility for workers could mean lower costs for employers according to published studies
Evita still an icon 70 years after her death P15
I
Zoe Landi Fontana, The Weekly Journal
n the midst of the COVID-19 pandemic, employers and employees alike wondered if remote work was here to stay. As offices and establishments began to reopen, we’ve realized that the question is no longer an ‘if’, but a ‘how’. This new world, in which millions of people are spared from the dreaded pre-pandemic commute, will see drastic shifts in big urban centers, commercial real estate, and what our homes look like. One trend that is already beginning to emerge is the
ease of hiring overseas. As technology develops, allowing more distributed and asynchronous work, hiring practices have changed drastically as well. Puerto Rico’s overseas talent increased by 235% in the first half of 2022, according to the State of Global Hiring Report published by Deel, a pay-roll and compliance provider that enables companies to hire internationally. The report pulled together data from its clients as well as data points from third-party sources. GO TO PAGE 4
The Weekly Journal > Wednesday, August 3, 2022 >
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a week in review ICP honors historian The Institute of Puerto Rican Culture (ICP, for its Spanish acronym) named the reference hall of the Puerto Rico General Archive as the Fernando Picó Bauermeister Reference Hall, in memory of the late Jesuit university professor and historian. “We are honored to be able to name the reference hall of the General Archive in memory of a great historian like Fernando Picó. [This is where] he spent many hours doing research for his most important works,” said Carlos Ruiz, executive director of the ICP. “Fernando Picó was a tireless defender of the General Archive as an institution, and of its importance for [historical] research in Puerto Rico,” said Puerto Rico’s general archivist Hilda Teresa Ayala. The reference hall is where history researchers first come to receive an orientation of the services and documents available for their research. The hall also has a reference library where researchers can study the historical documents.
Free streaming in Spanish for a year
Subway launches new pizza Subway Restaurants, the largest fast food chain in the world with more than 42,677 restaurants in 108 countries throughout the world, recently launched its new personal pizza, now made with a dough with a crispier texture. The pizza pie is prepared right in front of the customer, who will have the opportunity to choose its main ingredients: cheese, pepperoni and vegetables. The customers will also have the chance to personalize their pizza by adding additional topping and vegetables depending on their preferences. “The new ‘parbaked’ dough is not the only innovation Subway has introduced to its pizza menu. To enhance its great taste, the new [pizza] recipe includes new cheeses and sauce. Both are high quality ingredients that will be used exclusively for making the pizzas,” said José Vázquez, vice president of Subway in Puerto Rico.
Powered BY El Vocero de Puerto Rico, 1064 Ave Ponce de León 2nd floor San Juan, PR Postal Address: PO Box 15074, San Juan, PR 00902
Spanishlanguage sports and entertainment are going mobile and T-Mobile is the only Un-carrier giving its customers a front row seat to all the action. T-Mobile is giving to new and existing customers one year of ViX+ on Us, the premium SVOD tier of ViX, the first large-scale global streaming service created specifically for the Spanish-speaking world. ViX+ will deliver the broadest premium Spanish-language content ever offered on a streaming service, featuring more than 10,000 hours of entertainment programming in its first year and serving as the exclusive home to a select number of premium live sports. “As the top wireless provider for Spanish-speaking customers in the U.S., we understand what they care about, and today we’re bringing them a whole new way to enjoy the news, TV shows, movies and live sports that matter the most, and it’s all on us,” said Mike Sievert, President and CEO of T-Mobile.
President Salvador Hasbún shasbun@elvocero.com
VP of Accounting Félix A. Rosa frosa@elvocero.com
Human Resources Director Arlene Rolón, PHR arolon@elvocero.com
Vp of Marketing and Business Operations Michelle Pérez Miperez@elvocero.com
VP of Production Eligio Dekony edekony@elvocero.com
VP of Editorial Content Juan Miguel Muñiz Guzmán jmuniz@elvocero.com
Multi-Platform Graphic and Technology Director Héctor L. Vázquez hvazquez@elvocero.com
Phone: 787-622-2300, 787-721-2300 Customer Service: 787-622-7480
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CONTINUED FROM PAGE 1
finance, and content creation will most likely see their salaries rise the most. The top three cities for global remote workers in North America are Toronto, San Francisco, and New York City with the top three most popular roles being software engineer and developer, consultant, and copywriter. The job groups with the largest average salary gains across North America were in product, operations, and software engineer areas.
Canada hires the most Puerto Rican professionals remotely. The US tends to hire remote workers from Costa Rica and Panama, before considering Puerto Rico. Deel’s report also found that companies, with a high demand for talent and a shortage of qualifying candidates within their own country, have begun to look outside of more expensive countries in order to find talent, Trends in Latin America thus causing salaries to rise Canada hires In Latin America, the number around the world. the most Puerto of local companies hiring abroad To find high-quality employees, Rican professionals grew by 161% in the first half of companies need to broaden remotely. The US 2022. the hiring pool by looking tends to hire remote Puerto Rico leads as the international. This allows them to workers from Costa top Latin American country hire highly qualified professionals Rica and Panama, by number of workers being without cutting into profits and before considering hired. In the first half of 2022, opens up opportunities to more Puerto Rico. the number of remote Puerto people in developing economies. Rican workers being hired grew The countries getting the most by 235%. Trinidad and Tobago hires are, in order, the Philippines, followed with a 222% increase, the United States, Argentina, and Peru with 191%. India, and the United Kingdom. Unlike in North America, the top three most From the side of remote workers, London, popular roles in Latin America to be hired remotely Toronto, and Buenos Aires are the top three are software engineer and developer, graphic most popular cities of choice for remote workers designer, and product manager. globally. Those in remote roles related to support,
In fact,
“Puerto Rico’s overseas talent increased by 235% in the first half of 2022.” Deel, State of Global Hiring Report
Although Puerto Rico saw the largest increase in hires, Brazil experienced the highest overall average salary gains across all remote job titles in the first half of 2022, increasing by 174%. Argentina followed with a 169% increase, and Mexico with 108%. The job groups with the biggest average salary gains across all Latin American countries were engineering (253%), product (205%), and operations (184%). Withdrawing with the Deel platform, if they wish, employees can receive payment in crypto. Of all global payments withdrawn monthly using the Deel platform, 5% are withdrawn in crypto, with countries in Latin America most commonly opting in for crypto payments. Of all crypto payments, 67% were requested by employees in Latin American countries. Bitcoin is the most popular choice for crypto payments, followed by USD Coin (USDC), then Ethereum.
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Work from Home
In Spring of 2022, McKinsey & Company worked with market-research firm Ipsos to query 25,000 Americans and measure how many people are offered the option to work from home and their attitudes towards it. The study, called the American Opportunity Survey, showed that young people between 34 and 35 years of age are the most likely to adopt the modality of remote work. Employers are becoming increasingly flexible in their offerings. At least 58% of respondents have the opportunity to work from home one day a week. This 58% equates From the side to about 92 of remote workers, million workers London, Toronto, from an array and Buenos Aires of jobs when are the top three applied to the most popular cities general working of choice for remote population and workers globally. supports the prediction made previously that flexible work would persist even after pandemic restrictions wound down. Remote work is desirable to many. Although 35% of respondents said they have the option to work from home five days a week, another 65% of respondents said they would work from home all the time if it was an option. Unsurprisingly, 87% of people offered the option to work remotely, took it and spent an average of three days a week working from home. Jobs within the digital innovation sector often offer the greatest possibility for the remote-work option, with 77% of respondents in this field reporting having been offered the option for full remote work. The top occupations offering remote-work availability are either computer related, somewhere in the business and financial operations sphere, architecture and engineering, or in the field of art, design, and entertainment.
In fact,
Younger workers at every income level are more likely than older populations to report having remote work opportunities. Employers must note that flexible working opportunities are the third most influential motivation in seeking a new job, preceded by better career opportunities, and, at the top, greater pay or hours. It’s no longer ‘if’ a company should offer remote work options, but ‘how’ they can best benefit from the new norm.
“Although Puerto Rico saw the largest increase in hires, Brazil experienced the highest overall average salary gains across all remote job titles in the first half of 2022…” Deel, State of Global Hiring Report
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In fact, The airlines plan to close their transaction no later than the first half of 2024 and begin operating as a single carrier by the first half of 2025.
JetBlue would pay Spirit shareholders $2.50 per share upfront once the deal is approved and the equivalent of 10 cents per share per month next year. >AP Photo/Chris O’Meara, File
JetBlue, Spirit finally agree on $3.8B merger
The agreement ended a bidding war which spanned months
J
Madison Choudhry, Special to The Weekly Journal
etBlue has agreed to buy Spirit Airlines for $3.8 billion, thus creating the nation’s fifth-largest airline, pending approval from U.S. regulators. In their document to its shareholders, Jet Blue stated it would be paying “$33.50 per share in cash, including a prepayment of $2.50 per share in cash, payable upon Spirit stockholders’ approval of the transaction and a ticking fee of $0.10 per month starting in January 2023 through closing, for an aggregate fully diluted equity value of $3.8 billion and an adjusted enterprise value of $7.6 billion.” The agreement ended a bidding war which spanned months and lands only one day after Spirit’s failed attempt to merge with low faire carrier Frontier Airlines. Spirit CEO Ted Christie is now left to defend his decision to merge with JetBlue after fiercely disagreeing with it, arguing that antitrust laws would never allow it. “A lot has been said over the last few months obviously, always with our stakeholders in mind,” Christie said in an interview with CNBC. “We have been listening to the folks at JetBlue, and they have a lot of good thoughts regarding our future plans.” The acquisition will increase JetBlue’s presence
in key focus cities such as Fort Lauderdale, Orlando, San Juan, and Los Angeles. In addition, it will also increase competition with the Big Four airlines in major hubs like Las Vegas, Dallas, Houston, Chicago, Detroit, Atlanta, and Miami. This was considered as strategy created in part to win over antitrust regulators who want to see more competition at airports where one or two major airlines control most gates and flights. “We believe we can uniquely be a solution to the lack of competition in the U.S. airline industry and the continued dominance of the Big Four,” Robin Hayes, JetBlue’s chief executive explained. “By enabling JetBlue to grow faster, we can go head-to-head with the legacies in more places to lower fares and improve service for everyone. Even combined with Spirit, JetBlue will still be significantly smaller than the Big Four, but we’ll be much better positioned to bring the proven JetBlue Effect to many more routes and locations.” The four largest carriers control more than 80% of the market. However, with this merger the idea is to create a low-fare, customer-focused airline whose size and scale become the companies best opportunity to disrupt long standing pricing in the current market. That being said, the merger is likely to face an extensive investigation from the Biden administration’s antitrust regulators, who have taken an aggressive stand against corporate consolidation, especially in industries already dominated by a few businesses. Given that provocation, JetBlue’s top executives have preemptively come out saying the Spirit deal is a way to make the industry more competitive, rather than less. “Our argument is clear: The best thing we can do in the U.S. is to create a more competitive industry
“We believe we can uniquely be a solution to the lack of competition in the U.S. airline industry …” Robin Hayes, JetBlue’s chief executive
which also allows JetBlue to grow,” explained Hayes. The airlines plan to close their transaction no later than the first half of 2024 and begin operating as a single carrier by the first half of 2025. “The merger will be a case study of the winner’s curse,” Erik Gordon, a business professor at the University of Michigan, predicts “JetBlue will face years of nightmares trying to integrate aircraft, systems and cultures that are from different planets.” For example, when American and US Airways merged it took the airlines about four and a half years to negotiate a single contract for mechanics, ramp workers and other employees who were represented by the Transport Workers Union of America, said Gary Peterson, the director of the union’s air division. JetBlue acknowledged in a statement “it would pay Spirit shareholders $2.50 per share upfront on their approval of the deal and the equivalent of 10 cents per share per month next year”. An incentive to keep Spirit shareholders on board during what could be a long process. If the deal is not completed by 2024, the cost of the stock could rise to as much as $34.15 a share.
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Despite inflation, high interest rates Popular Inc. reports profits for Q2
Still, the institution suffered a slight dip in revenues
P
Madison Choudhry, Special to The Weekly Journal
opular Inc. has reported a net income of $211.4 million for its second quarter. This is a slight dip from the $218 million recorded for the same period this time last year. “We are very pleased with our results for the second quarter. We earned $211.4 million in net income, with increases in both net interest income and non-interest income as compared to the first quarter. Our net interest income increased by $39.6 million to $533.9 million,” said Ignacio Álvarez, CEO of Popular, Inc., the parent company of Banco Popular de Puerto Rico (BPPR). Álvarez, justify the drop in revenues due to credit loss provisions associated with the actions taken during the COVID-19 pandemic. In regards to the net interest increase, Álvarez believes it was driven by “improved margin and Ignacio Álvarez, CEO of Popular, Inc., justify the drop in revenues due to credit loss provisions associated with growth in loan and investment portfolios… loan the actions taken during the COVID-19 pandemic. growth was broad based with balances increasing the company responsible for “ATH mobil,” is no in all categories, except mortgages.” longer deemed a “subsidiary” for purposes of the BPPR experienced growth in commercial Bank Holding Company Act. This action includes loans despite the anticipated cancellation of the reducing Popular’s voting interest in Evertec to Payback Protection Program (PPP) loans. Looking 4.5% over the next three months at quarter-over-quarter results through either the sale of shares the corporation’s loan portfolio or conversion to non-voting increased by $654 million. preferred shares. Although Puerto Ricans are The new agreement also facing record high inflation Although includes a 10-year extension compounded by the increasing Puerto Ricans are of the Merchant Acquiring price of food and gas prices it facing record high Independent Sales Organization was reported consumer spending inflation, it was Agreement (the “ISO Agreement”), Ignacio Álvarez, CEO of Popular, Inc. remained strong during the reported consumer a 5-year extension of the ATH quarter and deposit balances spending remained Network Participation Agreement continued to grow. “Credit quality strong during the and a 3-year extension of the Álvarez emphasized, “we are still seeing growth remained strong with net charge quarter and deposit Master Services Agreement. In in the U.S. and Puerto Rico with a historically offs at near record lows, and we balances continued addition, it also calls for the sale strong employment market and healthy consumer continued to reduce our nonto grow. to Popular, Inc. of certain assets deposit and spending levels.” performing loans,” Álvarez said. in exchange for approximately 4.6 “In Puerto Rico we continue to benefit from Looking toward the future million shares of Popular owned the impact of federal disaster relief spending. When pressed about the future Evertec stock. We are confident in our ability to continue to endeavors of BPPR, Álvarez “We are committed to staying vigilant regarding deliver results for our shareholders at the same asserted, “our liquidity and capital positions the possible negative impacts of record inflation, time as we invest in our people, businesses and remain strong, which provide us the flexibility to higher interest rates and the war in Ukraine,” said communities,” Álvarez said in a reassuring tone. continue to invest for growth in the future while A replay of the webcast describing Álvarez we continue returning capital to our shareholders.” Álvarez. Despite the current state of financial affairs, report will be archived in Popular’s website. In addition, Popular Inc. has agreed that Evertec,
In fact,
“We earned $211.4 million in net income, with increases in both net interest income and noninterest income as compared to the first quarter.”
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This images where taken in a plantation in one of Puerto Rico’s most prominent coffee cultivation sector, the town of Adjuntas.
Coffee industry in critical condition, but there is hope
Improvements have been made and the next harvest could the best in the last five years
A
Juan A. Hernández, The Weekly Journal
lmost five years since the devastation of Hurricane María the status of the coffee industry in Puerto Rico is still critical. Coffee production on the island has not been able to increase to the same levels as before the storm. Nevertheless, improvements have been made and there are reasons to be optimistic as the next harvest “should be one of the best in the last five years.” According to coffee growers, brokers and dealers, the problem affecting the industry the most is the lack of people to harvest the berry, particularly in the island’s mountainous region. Local coffee growers have had to bring coffee pickers from other countries, even though it is very costly, in order not to lose their crops. “It is a costly endeavor because you have to comply with federal regulations, among other requirements, and provide the space these workers would be needing. Nevertheless, several coffee growers are already doing it,” said Omar Torres, founder of Gustos Coffee Co. The Coffee entrepreneur pointed out the impact this solution has had on the retail price of the coffee. “As the price of 100% Puerto Rican coffee
increases, it becomes so expensive to buy local coffee that not everybody can afford to by 100% Puerto Rican specialty coffee.” Torres also pointed the final price of coffee is further affected by the increasing prices of fertilizers, gas, electricity, and transportation, among other production costs. Aside from the most evident atmospheric threats that coffee growers, and farmers in general, must face there are also biological threats: pests.
Other threats
In the case of the coffee industry, the coffee berry borer (broca, in Spanish) is the most serious pest in many of the major coffee-producing countries in the world. But, according to Torres, broca has been greatly controlled thanks to “different prevention measures taken.” Still, there is a risk that the pernicious pest could surge. “Broca tends propagate faster when the coffee berry drops to the ground because there are no pickers to harvest it,” said Torres. “That is a problem that may very well happen if we are not able to harvest this year’s crop.” Regarding other pests that could affect the harvest, Torres considers they are under control with the measures suggested by the Puerto Rico Department of Agriculture. But even before Hurricane María, coffee production in Puerto Rico was not enough to supply local demand. So, the government imports coffee. This means that only a small percentage of the coffee grown in Puerto Rico is destined for exportation. According to Torres, less than five percent of the yearly harvest is exported as premium coffee. Torres considers there is a big difference, in
terms of quality, between the 100% Puerto Rican coffee and the commercial coffee the government imports to cover local demand. But admitted “it is difficult for a person who doesn’t understand the difference between 100% Puerto Rican coffee and regular commercial coffee” to understand the huge price difference. “The best moment for Puerto Rico, in terms of [coffee] exportation was in the 1890s, when we were the fourth exporter [in the world]. That was the Golden Era of Puerto Rican coffee. If I’m not mistaken, back then some 600,000 quintals were exported every year. Nowadays, we only produce 20,000 quintals. And that is considering all types of coffee –specialty, premium, regular and robusta– ,” said Torres. A quintal (hundredweight) weighs 100 pounds.
Specialty coffee
Coffee grading starts with the “specialty coffee,” which must meet specific requirements set by the specialty coffee associations of the world. They basically require that for every 300 grams of coffee there could only be up to five minor defects on the beans. Also, tasters’ points for this coffee must be above 80. Torres argued that the harvesting of specialty coffee helps coffee growers improve their business by making it profitable and sustainable, which in turn will guarantee they could use the proper harvest and production techniques. “The alternative for the future of coffee growing in Puerto Rico is to continue promoting specialty coffee because that would allow us to continue exporting. This would require continued training to the coffee growers, so they use the proper techniques,” said Torres, who emphasized Gustos Coffee specializes in that type of coffee.
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Inflation and wage data suggest US prices will keep climbing
The persistence of the inflation that is eroding Americans’ purchasing power
W
Christopher Rugaber – The Associated Press
ASHINGTON (AP) – Inflation surged in June and workers’ average wages accelerated in the spring – signs that Americans won’t likely feel any relief from rising prices anytime soon and that the Federal Reserve will feel compelled to further raise borrowing costs. An inflation gauge closely tracked by the Fed jumped 6.8% in June from a year ago, the government said Friday, the biggest such jump in were still growing at a robust pace. That’s good four decades. Much of the increase was driven by for workers, but it could raise concerns at the Fed energy and food. about its effect on prices. Chair Jerome Powell On a month-to-month basis, too, prices surged specifically cited this measure during a news 1% in June, the biggest such rise since 2005. Even conference Wednesday as a source of concern for excluding the volatile food and energy categories, the central bank’s policymakers. prices climbed 0.6% from May to June. “This is a (report) that’s going to keep Fed Employees’ wages, excluding government officials up at night,” said Omair Sharif, founder workers, jumped 1.6% in the April-June quarter, and president of Inflation Insights. matching a record high reached last fall. Higher The government also reported Friday that wages tend to fuel inflation if consumer spending managed to companies pass their higher labor just outpace inflation last month, costs on to their customers, as rising 0.1% from May to June. they often do. Spending actually jumped, but Friday’s figures underscored most of the gain was wiped out the persistence of the inflation by higher prices. Rising that is eroding Americans’ Rising consumer demand consumer demand purchasing power, dimming for services, such as airline for services, such as their confidence in the economy tickets, hotel rooms and airline tickets, hotel and threatening Democrats in restaurant meals, is still helping rooms and restaurant Congress in the run-up to the fuel inflation. Many retail and meals, is still helping November midterm elections. consumer goods chains, though, fuel inflation. Some signs indicate that say inflation is squeezing certain categories of inflation may shoppers and limiting how far moderate in the coming months, their money goes – a sign that though not by very much: Gas consumer spending could further prices have fallen since mid-June weaken. from an average national peak of $5 to $4.26, This week, Walmart said its profits would fall according to AAA. Likewise, other commodity because its customers are spending more on prices, for items such as wheat and copper, have pricier food and gas, leaving them less able to buy plunged. clothes and other discretionary items. Likewise, But more persistent drivers of inflation show Best Buy downgraded its sales and profit forecasts little, if any, evidence of slowing. The wage because surging inflation has forced consumers to data released Friday – a measure known as the reduce their purchases of electronics appliances. employment cost index – indicated that paychecks Inflation has been rising so fast that despite
In fact,
An inflation gauge closely watched by the Fed rose 6.8% in June from a year earlier, the government said on Friday. >AP Photo/ Andres Kudacki
“This is a (report) that’s going to keep Fed officials up at night.” Omair Sharif, president of Inflation Insights.
the pay raises many workers have received, most consumers are falling behind the rising cost-ofliving. High inflation and interest rates are also hampering the U.S. economy, which shrank in the April-June quarter for a second straight quarter, intensifying fears that a recession is looming. Two quarters of declining growth meet an informal rule of thumb for when a recession begins, although robust hiring suggests that the economy still maintains pockets of strength and isn’t yet in a downturn. On Wednesday, the Fed raised its benchmark interest rate by three-quarters of a point for a second straight time in its most aggressive drive in more than three decades to tame high inflation. Powell signaled that the Fed could raise rates by smaller increments in the coming months. By raising borrowing rates, the Fed makes it costlier to take out a mortgage or an auto or business loan. The goal is for consumers and businesses to borrow, spend and hire less, thereby cooling the economy and slowing inflation.
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Ricardo Álvarez-Díaz
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Licensed architect and entrepreneur. www.advfirm.com
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The importance of focusing on office culture
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s many companies struggle to convince employees to return to their physical offices, the attention on office culture is as important as ever. Office culture is basically the character and personality of your organization. It is the sum of its unique values, interactions, behaviors, and attitudes. While many businesses let their workplace culture emerge organically, a great office culture stems from exceptional management, workplace practices, policies, people, and of course, office design. A great office culture places a high priority on spaces that promote employee health and wellbeing. Offices that incorporate biophilic design elements and have designated relaxation areas, greatly improve working conditions for their team by combating cognitive fatigue, lowering stress levels, and enhancing overall health. A stressful work environment is detrimental to our health and wellbeing. That’s why companies need to provide health insurance benefits, a fitness stipend, and mental health resources to encourage their team to stay healthy and motivated.
If employees are feeling healthy personally and professionally to and well, they will produce good reach their maximum potential. work. Enhanced productivity and Work-life balance is another improved job performance are some important consideration of a great of the other benefits that a great office culture. Companies that office culture brings support their to workers. employees by Providing open allowing flexible and flexible spaces, work hours, extra standing desks, and paid vacation days, Office meeting rooms, are and personal time culture is basically part of the design off encourage their the character and options that help team to maintain a personality of your teams collaborate successful work-life organization. It is the and work easily. balance. By focusing sum of its unique A comfortable on outcomes rather values, interactions, workplace is key to than inputs you can behaviors, and enhancing employee reinforce a culture attitudes. productivity. of accountability The right office and teamwork. culture encourages The onboarding workers to expand process is key their personal and to preventing professional skills and knowledge employee turnover, which costs for their own benefit and that companies large amounts of time of the team and the company. and money every year. Once a new Companies that create initiatives and hire is acclimated and engaged opportunities for lifelong learning with the company, they are more to help each employee achieve their likely to stick around. A study by goals and dreams are more likely to Glassdoor found that companies be successful. with an effective onboarding Companies can implement regular process improved their new hires’ goal-setting meetings, industry lunch engagement rate by 82%. and learns, resources, coaching and A positive office culture should mentoring opportunities as well as promote and encourage activities an annual budget to be used for and initiatives that foster teamwork. professional development. This helps Retreats, happy hours, team yoga, employees continue to grow both and community service opportunities
In fact,
“Companies that create initiatives and opportunities for lifelong learning to help each employee achieve their goals and dreams are more likely to be successful.” Ricardo Álvarez, architect
are just some of the ways that companies help their teams form stronger connections with each other. Team building exercises help us understand each other more, empathize with one another and deepen our bond as a team. A great office culture plays a key role in your team and company’s success. It provides the best possible working environment to support and invest in your people. With a supportive office culture and the right motivation, your employees and business will continue to grow, scale, and succeed.
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se olvidan de nosotros.
La verdad te necesita para reivindicar. La verdad no tiene precio.
< The Weekly Journal > Wednesday, August 3, 2022
La verdad
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/ Wednesday, August 3, 2022
Ricardo A. Cortés Chico
Director of Public Affairs and Liaison for Discover Puerto Rico
The encouragement
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hen 2022 began, the scenario for the tourism industry was encouraging and confusing at the same time. We had just finished one of the best years in Puerto Rican tourism, with lodging income levels rising like never before and the industry employment with the highest figures in Puerto Rico’s history. However, the Omicron variant stalked us with a wave of infections that dwarfed previous variants of COVID-19, that fastidious virus that has changed our world since 2020. Half a year has passed since those days, and looking back, we can argue that what we lived those days was only a relatively minor setback. In just a few weeks after the peak of infections, visitors returned, our attractions started to receive tourists as before, and our industry was back on the growth track. The despairing cries coming from those marble alliances that seem to oppose the great work done to restore visitation did not matter. Puerto Rican tourism industry already knows the road to recovery, and it embarked on it as it has done many times. This last return was more robust than on previous occasions. Recently, Discover Puerto Rico commissioned a study to Tourism Economics to get a sense of the recovery we are witnessing, and the results were very encouraging. Preliminary data indicate that in 2021 non-resident visitors spent $4,582 million in Puerto Rico. This figure was the highest reported for the Puerto Rican market. The most conservative estimates place visitor spending in 2022 at $5,563 million. This is a minimum increase of 21%, according to Tourism Economics. Rarely do we see such growth in an industry. The most aggressive projection anticipates an expansion of 38%. This version presumes a full reactivation of the cruise ship industry and the strengthening of air capacity, among other factors, which we will not necessarily be able to achieve given the current inflation and high fuel prices. We still have a long way to go. The cruise ship industry is building confidence again with passengers; some areas are not receiving the benefits of tourism they saw before the pandemic changed our lives. Also, we still don’t know if the industry can maintain the high demand-driven rates we have seen since 2021. Some even believed that the boom of the tourism industry was entirely the result of U.S. travelers opting
“We don’t want to be too optimistic, but our industry data points toward a shift in spending and visitation in Puerto Rico.” Ricardo Cortés Chico, Director of Public Affairs at Discover Puerto Rico
out of international destinations and preferring places considered domestic, like Puerto Rico. Still, our destination was leading the recovery, when compared to other U.S. destinations considered domestic by U.S. travelers. We don’t want to be too optimistic, but our industry data points toward a shift in spending and visitation in Puerto Rico. The good news is that we have much space to grow. Tourism concentrated for too long on the metro and eastern regions of Puerto Rico. New travel trends push visitation to all areas; travelers are more conscientious about social and environmental issues and look for cultural experiences that enrich their lives. With its unique position, culturally, and environmentally, Puerto Rico is in a unique place to expand and lead this new era of travel.
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/ Wednesday, August 3, 2022
The government and publishing titan Penguin Random House are set to exchange opening salvos in a federal antitrust trial Monday as the U.S. seeks to block the biggest U.S. book publisher from absorbing rival Simon & Schuster. >AP Photo/Jenny Kane
US begins court battle against publishing giants’ merger authors and, ultimately, readers if German media titan Bertelsmann, of which Penguin Random House is a division, is allowed to buy Simon & Schuster, the fourth-largest publisher, from U.S. media and entertainment company Paramount Global. It says the deal would thwart competition and give Penguin Random House gigantic influence over which books are published in the U.S., likely reducing how much authors are paid and giving Marcy Gordon and Hillel Italie –The Associated Press consumers fewer books to choose from. The publishers counter that the merger would ASHINGTON (AP) – The strengthen competition among publishers to government and find and sell the hottest books, by enabling the publishing titan Penguin combined company to offer bigger advance Random House payments and marketing support to authors. It exchanged opening would benefit readers, booksellers and authors, salvos in a federal they say. antitrust trial Monday The two New York-based publishers have as the U.S. seeks to block the biggest U.S. book impressive stables of blockbuster authors, who’ve publisher from absorbing rival Simon & Schuster. sold multiple millions of copies and have scored The case comes as a key test of the Biden multimillion-dollar deals. Within Penguin Random administration’s antitrust policy. House’s constellation are Barack The Justice Department has and Michelle Obama, whose sued to block the $2.2 billion package deal for their memoirs merger, which would reduce the totaled an estimated $65 million, Big Five U.S. publishers to four. Bill Clinton, who received $15 At Monday’s opening session, million for his memoir, Toni The two opposing attorneys for the two Morrison, John Grisham and Dan New York-based sides presented their cases Brown. publishers have before U.S. District Judge Florence Simon & Schuster counts impressive stables Pan. Hillary Clinton, who received of blockbuster Justice Department attorneys $8 million for her memoir, Bob authors, who’ve sold called the merger “presumptively Woodward and Walter Isaacson. multiple millions wrong” because it would shrink Bruce Springsteen splits the of copies and have competition and, inevitably, difference: His “Renegades: Born scored multimillion the vital public discourse that in the USA,” with Barack Obama, dollar deals. books help engender. Penguin was published by Penguin Random House countered Random House; his memoir, by that the new company would Simon & Schuster. “enhance” competition because The Justice Department the combined company could turn out books more contends that as things now stand, No. 1 Penguin efficiently. Random House and No. 4 Simon & Schuster, by The government contends that it would hurt total sales, compete fiercely to acquire the rights
DoJ is trying to block the $2.2 billion merger between Penguin Random and Simon & Schuster
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In fact,
“If they are allowed to merge, the combined company would control nearly 50% of the market for those books…” U.S. Dept. of Justice
to publish the anticipated hottest-selling books. If they are allowed to merge, the combined company would control nearly 50% of the market for those books, it says, hurting competition by reducing advances paid to authors and diminishing output, creativity and diversity. The government’s star witness, bestselling author Stephen King, testified on Tuesday’s session of the weeks long trial in U.S. District Court in Washington, D.C. King’s works are published by Simon & Schuster. The Big Five — the other three are Hachette, HarperCollins and Macmillan — dominate U.S. publishing. They make up 90% of the market for anticipated top-selling books, the government says. The Biden administration is staking out new ground on business concentration, and the government’s case against the publishers’ merger is an important test. President Joe Biden has made competition a pillar of his economic policy, denouncing what he calls the outsized market power of an array of industries and stressing the importance of robust competition to the economy, workers, consumers and small businesses. Biden, a Democrat, has called on federal regulators, notably the Justice Department and the Federal Trade Commission, to give greater scrutiny to big business combinations.
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/ Wednesday, August 3, 2022
Is Danish king who gave name to Bluetooth buried in Poland? Chronicles from the Middle Ages say the Viking king was buried in Roskilde, in Denmark, in the late 10th century.
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Monika Scislowska - The Associated Press
IEJKOWO, Poland (AP) — More than 1,000 years after his death in what is now Poland, a European king whose nickname lives on through wireless technology is at the center of an archaeological dispute. Chronicles from the Middle Ages say King Harald “Bluetooth” Gormsson of Denmark The 10th century golden Curmsun disc with the name acquired his nickname courtesy of a tooth, of Danish King Harald “Bluetooth“ Gormsson (Curmsun probably dead, that looked bluish. One chronicle in Latin) on it, coming from a tomb at the Roman Cathfrom the time also says the Viking king was olic church in Wiejkowo, Poland. >Sven Rosborn via AP buried in Roskilde, in Denmark, in the late 10th century. in Copenhagen say they are familiar with the But a Swedish archaeologist and a Polish “suggestion” that Wiejkowo is Harald’s burial researcher recently claimed in separate place. publications that they have pinpointed his most Rosborn detailed his research in the 2021 probable burial site in the village of Wiejkowo, in book “The Viking King’s Golden Treasure” and an area of northwestern Poland that had ties to Kryda challenged some of the Swede’s findings the Vikings in Harald’s times. in his own book published this Marek Kryda, author of year. the book “Viking Poland,” Harald, who died in 985, told The Associated Press probably in Jomsborg — which is that a “pagan mound” which believed to be the Polish town of he claims he has located Wolin now — was one of the last Swedish beneath Wiejkowo’s 19thViking kings to rule over what is telecommunications century Roman Catholic now Denmark, northern Germany, company Ericsson Church probably holds and parts of Sweden and Norway. named its Bluetooth the king’s remains. Kryda He spread Christianity in his wireless link said geological satellite kingdom. technology after the images available on a Polish Swedish telecommunications king, reflecting how government portal revealed company Ericsson named its he united much of a rotund shape that looked Bluetooth wireless link technology Scandinavia during like a Viking burial mound. after the king, reflecting how his lifetime. But Swedish he united much of Scandinavia archaeologist Sven Rosborn, during his lifetime. The logo for the says Kryda is wrong because technology is designed from the Harald, who converted from Scandinavian runic letters for the paganism to Christianity and founded churches king’s initials, HB. in the area, must have received an appropriate Rosborn, the former director of Sweden’s grave somewhere in the churchyard. Wiejkowo’s Malmo City Museum, was spurred on his quest Church of The Immaculate Conception of the in 2014 when an 11-year-old girl sought his Blessed Virgin Mary stands atop a small round opinion about a small, soiled coin-like object knoll. with old-looking text that had been in her Historians at the Danish National Museum
family’s possession for decades. Experts have determined that the cast gold disc that sparked Maja Sielski’s curiosity dated from the 10th century. The Latin inscription on what is now known as the “Curmsun disc” says: “Harald Gormsson (Curmsun in Latin) king of Danes, Scania, Jomsborg, town Aldinburg.” Sielski’s family, who moved to Sweden from Poland in 1986, said the disc came from a trove found in 1841 in a tomb underneath the Wiejkowo church, which replaced a medieval chapel. The Sielski family came into the possession of the disc, along with the Wiejkowo parish archives that contained medieval parchment chronicles in Latin, in 1945 as the former German area was becoming part of Poland as a result of World War II. A family member who knew Latin understood the value of the chronicles — which dated as far back as the 10th century — and translated some of them into Polish. They mention Harald, another fact linking the Wiejkowo church to him. The nearby Baltic Sea island and town of Wolin cultivates the region’s Viking history: it has a runic stone in honor of Harald Bluetooth and holds annual festivals of Slavs and Vikings. Kryda says the Curmsun disc is “phenomenal” with its meaningful inscription and insists that it would be worth it to examine Wiejkowo as Harald’s burial place, but there are no current plans for any excavations.
In fact,
The Roman Catholic church where it is believed that Danish King Harald Gormsson was buried, in Wiejkowo, Poland. >AP Photo Monika Scislowska
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/ Wednesday, August 3, 2022
A woman holds a photo of Argentina’s late first lady Maria Eva Duarte de Peron, better known as Evita, as she waits her turn to visit Evita’s tomb in Buenos Aires, Argentina, Tuesday, July 26, 2022. Argentines commemorated the 70th anniversary of the death of their most famous first lady, who died of cancer on July 26, 1952 at the age of 33. >AP Photo/Natacha Pisarenko
Argentines yearn for Evita, 70 years after her death movies, TV shows and even a Broadway musical but for some of her oldest, most ardent followers the connection with the actress turned political leader is much more personal. Juana Marta Barro was one of dozens of people who lined up last week to leave flowers and pay her respects at Evita’s tomb, located in the Daniel Politi – The Associated Press Recoleta neighborhood in Argentina’s capital. She died on July 26, 1952. UENOS AIRES (AP) – María Eva With tears in her eyes, the 84-year-old Barro, Noble says she is carrying out daughter of a housekeeper, recalled how her life in the legacy of her namesake as northern Tucumán province improved after Evita she labors in a soup kitchen in a came on the political scene, and she suddenly working class neighborhood of received better shoes and school uniform. Buenos Aires. “It was thanks to her that I had my first She was backpack,” said Barro, who still named after iconic Argentine recalls the excitement of seeing former first lady María Eva Duarte Evita pass by her town on a train. de Perón, better known as Eva “She is a torch that shines in my Perón, or Evita, who died 70 years heart.” ago. The soup kitchen where Evita was born in a modest Her followers Noble does volunteer duty in the home in Los Toldos, a small believe her image Flores district gives daily lunches rural town some 300 kilometers as a champion of to about 200 people and is run by (186 miles) from Buenos Aires, the poor is more an organization that also carries where she moved to when she relevant than ever the name of the late leader. was 15 to pursue her dream of at a time when Though not related to Eva becoming an actress. A decade inequality and Perón, Noble says, “I carry Evita later, she met Juan Domingo poverty are rising… in my DNA.” And she is hardly the Perón, a military officer who was only one who feels this way. a government official. Seven decades after her Evita was by his side when death, Evita continues to awaken Perón won the 1946 presidential passions in Argentina as her election and went on to take followers believe her image as a champion of the an unprecedented role as a powerful first lady, poor is more relevant than ever at a time when putting herself at the forefront of women’s rights inequality and poverty are rising as the economy causes, including suffrage that was approved a remains stagnated amid galloping inflation. year later and setting up a foundation to help Evita has been the subject of countless books, workers and the poor.
The former First Lady continues to awaken passions in Argentina
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In fact,
“This woman proposed a society with greater mobility, which is exactly what Argentina does not have right now”. Alejandro Maci, director “Santa Evita”
As much as Evita was loved, she was equally hated by many of the country’s wealthy and powerful who were wary of her growing popularity and influence. Her time in the spotlight was intense but brief as she died of cervical cancer at age 33, which led to an outpouring of grief in the streets as the South American country went into mourning. “Young people in particular see a rebel in Evita, a figure who didn’t bow her head or give up” and ended up dying “young and beautiful,” which contributed to the construction of a “pop icon,” said Felipe Pigna, a historian who has written extensively about the former first lady. Alejandro Maci, director of new series “Santa Evita” that premieres Tuesday on Disney’s streaming services, sees Evita as “interesting metaphor” to think about what kind of country Argentines want at a time of growing poverty and inequality. “This woman proposed a society with greater mobility, which is exactly what Argentina does not have right now. It lacks any kind of social mobility, and if it has any, it’s downward,” he said.
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